Almost a year to the day after filing the DA, S&S Projects has won final approval for Radia, its $200-million apartment tower on the southern Gold Coast.
The 14-storey tower, comprising 48 high-end apartments in two to five bedrooms, is now cleared to rise on the site at 271 Boundary Street, Rainbow Bay.
A residents’ club with a lap pool and spa; a wellness centre with an ice bath, sauna, steam room, thermal suite and gymnasium; an outdoor kitchen; private dining room, business centre; and communal lounge are also part of the development.
The developer plans to begin construction on Radia in early 2025. It follows the completion in February of its adjacent Awaken tower on the former site of the 30-year-old Cafe D-Bar.
Radia is the fourth Rainbow Bay development in four years for S&S Projects.
Prices start around $2 million, with apartments including eight four and five-bedroom sub-penthouses and a penthouse on each of the upper two storeys.
These upper penthouses will feature private rooftop pools, entertaining areas and 360-degree ocean and hinterland scenery from the building’s elevated 1335sq m site.
Launched on June 27, contracts have been signed on several of the residences and four of them have already been listed.
Selling agent Pezet Matheson managing director Jayde Pezet said demand remained strong for “high-quality projects in blue chip locations”.
“Downsizers from the local market—Gold Coast and Brisbane—make up a large segment of our buyers in Rainbow Bay,” he said.
“The Northern Beaches of Sydney and inner-city Melbourne have also provided us with a buyer pool who come to Rainbow Bay to use their apartment for a portion of the year.”
According to Pezet, they’re largely retired baby boomers keen to downsize from the family home to a luxurious apartment.
And, he said, Gen-X purchasers were buying a second home using the equity from their principal place of residence as funding.
Investors make up part of Radia’s buyer mix as well, according to Pezet.
“Radia has a minimum rental period of three months and so we have ‘lifestyle investors’ who rent their residence out for a portion of the year and use it personally at other times,” he said.
